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Indian equity benchmarks fluctuated between gains and losses in the early trade with the S&P BSE Sensex trading flat at 35,350.64 and the NSE Nifty 50 Index at 10,684.50 as of 9:30 a.m.

The market breadth was slightly tilted in favour of sellers. Nine of 11 the sectoral gauges compiled by the National Stock Exchange fell, led by a 0.5 percent decline in the NSE Nifty Metal Index. The NSE Nifty Pharma Index was the top sectoral gainer, up 0.6 percent.

Here Are The Stocks Moving The Market This Morning

Shriram Transport Slides The Most In Nearly Two Years

Shares of the financial services provider for trucks today fell the most since November 2016 following a rating downgrade by Credit Suisse and a report by Jefferies. The stock declined as much as 14.6 percent to Rs 1,107.30 apiece.

According to a brokerage Jefferies, an off-balance sheet exposure to an unlisted group unit is a potential risk for the company, Bloomberg reported.

Shriram Transport has provided guarantee for Rs 870 crore of non-convertible debentures sold by SVL Ltd., a group company, analysts led by Bhaskar Basu wrote in a note dated July 3. With SVL and units likely under financial stress, NCD repayment may be an issue according to the Jefferies report.

Meanwhile, Credit Suisse downgraded the Shriram Transport stock to ‘Neutral’ from ‘Outperform’. It also lowered its price target to Rs 1,400 from Rs 1,910 a share, according to a separate Bloomberg report. The price target implies a potential upside of 7.9 percent from the last regular trade.

M&M Financial Services Swings On Fundraising

The company raised $100 million from International Finance Corporation, according to its exchange filing. The stock returned 31.3 percent over the past year compared to a 14.7 percent advance in the Sensex.

GE Power India Gains After Order Win

Shares of the power generator snapped their two-day decline and rose as much as 2.6 percent in today’s session to Rs 778 apiece.

The company received an order worth Rs 468 crore from BHEL, according to its regulatory filing. The stock trades at 40.3 times trailing 12-month earnings per share, Bloomberg data showed.

ISGEC Heavy Engineering Rises After Winning Bid

Shares of the industrial equipment maker rose as much as 5.7 percent today to Rs 5,454 apiece after the company emerged as the lowest bidder for a Rs 700-crore thermal power project.

The stock declined 33 percent so far this year and fell 13 percent in the past 12 months.